Spacetech Startup Manastu Bags Another $3 Mn In Less Than Two Months

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SUMMARY

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, the startup specialises in creating propulsion systems for microsatellites

Manastu said that the funds will enable it to develop cutting-edge space technology and scale its business

The spacetech startup is working on developing a green propulsion system for satellites and hopes to validate its technology during a test flight in the coming year.

Spacetech startup Manastu Space has secured $3 Mn in a Pre-Series A funding round led by Indian Angel Network (IAN) members, including KRS Jamwal, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre.

The startup plans to use the funds to develop space technology and scale business. Notably, founded in  2017 by Tushar Jadhav and Ashtesh Kumar, Manastu Space specialises in creating propulsion systems for microsatellites. 

The startup is working on developing a green propulsion system for satellites and hopes to validate its technology during a test flight in the coming year. 

Further, Manastu is also designing a space fuel station to provide in-orbit refuelling service for satellites, which otherwise have to be abandoned after the fuel is exhausted. Additionally, it is also planning to offer in-space services like de-orbiting at the end of the satellite’s life.

Commenting on the growth plans of Manastu, cofounder and CTO Kumar said, “We are actively developing a versatile Green Propulsion System designed for satellites, enhancing their manoeuvrability in space and safeguarding them from potential collisions with space debris. This solution is indispensable in meeting the current and escalating demands for space sustainability.” 

According to the company, over 160 Mn pieces of space debris are hurtling through space at speeds of up to 8 km/s, causing the risk of collisions. Such collisions can eventually lead to more debris generation.

“Manastu Space is also actively engaged in developing autonomous collision avoidance systems and satellite refuelling capabilities in space. These advancements are designed to make satellites reusable, helping to ensure a sustainable and accessible space for future generations,” Kumar said. 

Manastu claims to have partnered with the Indian Defence Force and French aerospace company Latitude. It has recently formalised an agreement with iDEX, a Defense Innovation Organisation.

Currently, the startup offers a complete propulsion system to satellite manufacturers, including fuel, engine, tank and other accessories.

In September this year, Manastu secured $3 Mn in its Pre-Series A round led by Capital 2B, BIG Capital, and E2MC to accelerate the deployment of its innovative green propulsion system and debris collision avoidance system. 

According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the spacetech sector is estimated to become a $77 Bn marking opportunity by 2030. There are over 150 spacetech startups in the country and these startups have together raised more than $218 Mn since 2014. 




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Spacetech Startup Manastu Bags Another $3 Mn In Less Than Two Months

SUMMARY

Founded in 2017 by Tushar Jadhav and Ashtesh Kumar, the startup specialises in creating propulsion systems for microsatellites

Manastu said that the funds will enable it to develop cutting-edge space technology and scale its business

The spacetech startup is working on developing a green propulsion system for satellites and hopes to validate its technology during a test flight in the coming year.

Spacetech startup Manastu Space has secured $3 Mn in a Pre-Series A funding round led by Indian Angel Network (IAN) members, including KRS Jamwal, Jaideep Mehta, Sanjiv Bajaj, and Nitin Zamre.

The startup plans to use the funds to develop space technology and scale business. Notably, founded in  2017 by Tushar Jadhav and Ashtesh Kumar, Manastu Space specialises in creating propulsion systems for microsatellites. 

The startup is working on developing a green propulsion system for satellites and hopes to validate its technology during a test flight in the coming year. 

Further, Manastu is also designing a space fuel station to provide in-orbit refuelling service for satellites, which otherwise have to be abandoned after the fuel is exhausted. Additionally, it is also planning to offer in-space services like de-orbiting at the end of the satellite’s life.

Commenting on the growth plans of Manastu, cofounder and CTO Kumar said, “We are actively developing a versatile Green Propulsion System designed for satellites, enhancing their manoeuvrability in space and safeguarding them from potential collisions with space debris. This solution is indispensable in meeting the current and escalating demands for space sustainability.” 

According to the company, over 160 Mn pieces of space debris are hurtling through space at speeds of up to 8 km/s, causing the risk of collisions. Such collisions can eventually lead to more debris generation.

“Manastu Space is also actively engaged in developing autonomous collision avoidance systems and satellite refuelling capabilities in space. These advancements are designed to make satellites reusable, helping to ensure a sustainable and accessible space for future generations,” Kumar said. 

Manastu claims to have partnered with the Indian Defence Force and French aerospace company Latitude. It has recently formalised an agreement with iDEX, a Defense Innovation Organisation.

Currently, the startup offers a complete propulsion system to satellite manufacturers, including fuel, engine, tank and other accessories.

In September this year, Manastu secured $3 Mn in its Pre-Series A round led by Capital 2B, BIG Capital, and E2MC to accelerate the deployment of its innovative green propulsion system and debris collision avoidance system. 

According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the spacetech sector is estimated to become a $77 Bn marking opportunity by 2030. There are over 150 spacetech startups in the country and these startups have together raised more than $218 Mn since 2014. 




Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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